MNI EUROPEAN OPEN: US Tsy Curve Steeper As Trump Fires Cook

Aug-26 05:29By: Jonathan Cavenagh

Europe

EXECUTIVE SUMMARY

TRUMP SAYS HE HAS REMOVED FED’S COOK FROM OFFICE - MNI BRIEF
TRUMP THREATENS EXPORT CURBS, TARIFFS IN DIGITAL TAX REPRISAL - BBG
TOP CHINESE TRADE NEGOTIATOR SET TO HEAD TO U.S. AS TALKS RESUME - WSJ
JAPAN JULY SERVICES PPI RISES 2.9% VS. JUNE 3.2% - MNI BRIEF
FUTURE EASING PACE UNKNOWN - RBA MINUTES - MNI BRIEF

Fig 1: Global Trade Growth Slowing After Q1’s Frontloading

Source: MNI - Market News/LSEG

INFLATION (BBG): “ UK grocery prices edged up in August, as bad weather and poor harvests exacerbated the strain of higher operating costs hitting supermarkets.”

JOBS (BBG): “ Britons looking for their first jobs face the worst hiring drought since the depths of the Covid pandemic, as the rise in artificial intelligence and higher employment costs distort career opportunities.”

FRANCE (BBG): “Prime Minister Francois Bayrou called a confidence vote that may topple France’s government as soon as next month, prompting a selloff in French assets as investors hedged for more political uncertainty.”

US/EU (TELEGRAPH): "Donald Trump is considering a United States travel ban for European Union officials responsible for the bloc’s Digital Services Act and additional tariffs on countries with similar laws, which he claims discriminate against Americans."

SWEDEN (BBG): "The Swedish central bank will likely reduce its benchmark interest rate by half a percentage point this year to kick-start a delayed economic recovery, according to analysts at Swedbank AB who earlier saw one quarter-point cut before 2026."

FED (MNI BRIEF): “U.S. President Donald Trump said Monday he is removing Federal Reserve Governor Lisa Cook from her post effective immediately. "I have determined that there is sufficient cause to remove you from your position," Trump said in a letter addressed to Cook and posted on his social media site, calling for her "immediate removal from office."

FED (MNI): A prolonged period of low neutral interest rates appears likely to persist for the foreseeable future across major world economies because of weaker growth in population and productivity, Federal Reserve Bank of New York President John Williams said Monday.

FED (BBG/WAPO): " Federal Reserve governor Lisa Cook says she will not resign, the Washington Post reports, citing a statement from Cook.

TARIFFS (BBG): “US President Donald Trump threatened to impose fresh tariffs and export restrictions on advanced technology and semiconductors in retaliation against other nations’ digital services taxes that hit American technology companies.  ”

US/CHINA (WSJ): “A senior Chinese trade negotiator is heading to Washington this week for what is expected to be the first round of negotiations in the U.S. capital, according to people familiar with the matter, as both sides seek to establish a regular dialogue during an extended tariff truce.”

US/CHINA (BBG): “ President Donald Trump said the US has more leverage over China on trade than the other way around, citing airplane parts as a key item Washington has to counter Beijing’s restrictions on rare earths.”

OTHER

JAPAN (MNI BRIEF): Japan’s services producer price index rose 2.9% y/y in July, slowing from June’s unrevised 3.2% but still reflecting ongoing corporate pass-through of higher costs, preliminary Bank of Japan data showed Tuesday.

AUSTRALIA (MNI BRIEF): The Reserve Bank of Australia board agreed it was too soon to judge the pace of future cash rate reductions at its meeting earlier this month, when it cut the cash rate 25 basis points to 3.6%, given prevailing uncertainties, Minutes published Tuesday showed.

SOUTH KOREA (BBG): “South Korean firms announced a flurry of deals with US businesses, including $50 billion in agreements with Boeing Co. and GE Aerospace, after the nations’ leaders met in-person for the first time in Washington on Monday.”

CHINA

HOUSING (BBG): "Shanghai’s latest home-buying policy overhaul has ignited a broad rally in real estate stocks and fueled speculation that Shenzhen will be the next major city to follow suit."

YUAN (SHANGHAI SECURITIES NEWS): " The yuan has surged against the US dollar due to factors including a weakening greenback, a significant adjustment to the fixing and improving market sentiment, Shanghai Securities News reported, citing analysts."

TECH (MNI BRIEF): China’s rapid development of AI cannot happen without the supply of reliable green electricity, Du Zhongming, director general of the Department of Electric Power at the National Energy Administration, told reporters on Tuesday.

MNI: PBOC Net Drains CNY174.5 Bln via OMO Tuesday

MNI (BEIJING) - The People's Bank of China (PBOC) conducted CNY405.8 billion via 7-day reverse repos, with the rate unchanged at 1.40%. The operation led to a net drain of CNY174.5 billion after offsetting maturities of CNY580.3 billion today, according to Wind Information

The seven-day weighted average interbank repo rate for depository institutions (DR007) fell to 1.4528% at 09:35 am local time from the close of 1.5208% on Monday.
The CFETS-NEX money-market sentiment index, measuring interbank money-market liquidity, closed at 47 on Monday, compared with the close of 49 on Friday. A higher reading points to tighter liquidity condition, with 50 representing an equilibrium.

MNI: PBOC Sets Yuan Parity Higher At 7.1188 Tues; -0.89% Y/Y

MNI (BEIJING) - The People's Bank of China (PBOC) set the dollar-yuan central parity rate higher at 7.1188 on Tuesday, compared with 7.1161 set on Monday. The fixing was estimated at 7.1682 by Bloomberg survey today.

MARKET DATA

UK AUG. BRC SHOP PRICE INDEX +0.9% Y/Y; EST. +1.0%; JUL. +0.7%

JAPAN JULY SERVICES PRODUCER PRICES +2.9% Y/Y; EST. +3.2%; JUNE +3.2%

SOUTH KOREA AUG. CONSUMER CONFIDENCE 111.4; JUL. 110.8

MARKETS

US TSYS: Asia Wrap - Yields Mixed With Long-End Rising In Reaction To Cook News

The TYU5 range has been 111-26+ to 112-03+ during the Asia-Pacific session. It last changed hands at 111-27, down 0-04 from the previous close.

The US 2-year yield has edged lower trading around 3.713%, down 0.01 from its close.
The US 10-year yield has moved higher trading around 4.3025%, up 0.03 from its close.
This has seen the yield curve steepen in Asia - 2s10s +3.57 at 58.514, 5s30s +3.72 at 114.002.
10-Year Yields held its 4.35% pivot area when Powell gave the market a reason to add to longs helping yields move lower. While this area continues to hold, bounces should be met with demand. First target the recent lows around 4.18% then the bottom of the range towards 4.10% comes back into focus. Renewed loss of trust in Fed Independence could bring back headwinds to this trade and put pressure back on the long-end though.
Jens Nordvig on X: “Kugler recently resigned early and Cook has been terminated from the Fed Board of Governors by President Trump this evening. The question is if there will be more premature changes at the Fed board in the period ahead (resignations or early terminations). What is most likely in the coming year?”
Bloomberg - “Cook is likely to sue to challenge as allegations of fraud are likely insufficient to meet the “for cause” removal standard unless actual wrongdoing is established.”
"FED'S COOK: SAYS NO CAUSE EXISTS FOR HER TO BE FIRED AND SHE WILL NOT RESIGN, SAYS TRUMP HAS NO AUTHORITY TO FIRE HER, WILL CONTINUE TO CARRY OUT DUTIES - [RTRS]"
Data/Events: Philadelphia Fed Non-Man Activity, Durable Goods Orders, FHFA House Price Index, Richmond Fed Man Index/Bus Conditions, Conf. Board Consumer Confidence, Dallas Fed Services Activity
Fig 1: 10-Year US Yield 2H Chart
Source: MNI - Market News/Bloomberg Finance L.P

JGBS: Futures Weaker, But July Lows Intact, Debt Servicing Costs Rising

JGB futures sit at 137.42, -.08 in latest dealings, close to session lows (137.36). This leaves us close to July lows (137.32 from July 25th). A clean break lower could see a move sub 137.00 targeted, with 136.57 - 1.382 proj of the Jan 28 - Feb 20 - Feb 26 bear leg.

Futures spiked higher on the news that Trump has ended Fed Governor Cook's term, effective immediately. This drove US Tsy futures higher, with JGB futures getting to 137.54. However, US Tsy futures at the back end of the curve how now turned lower, with the curve steepening in response to the Cook Fed news.
On the data front, we had slightly softer July services PPI in Japan. This was in line with recent headline CPI softness though, so market reaction was minimal.
Cash JGB yields are little changed. The 10yr has edged higher to 1.625%. This is close to recent cycle highs, but not a definitive break higher. In the swap space, the 10yr was last around 1.43%.
Headlines have also crossed around a proposed fuel tax cut: "*KATO: PERMANENT SOURCE OF FUNDING IMPORTANT FOR FUEL TAX RATE" - via BBG, while also of note was onshore media reports: "Japan Mulls 5-Year Tax Break on Capital Investments: Yomiuri" - via BBG, while: "*JAPAN MOF TO SEEK 32T YEN FOR DEBT SERVICING COSTS: KYODO" also crossed.
This would be a step up from the current fiscal year debt service costs. via BBG: "The amount will exceed the ~28.2t yen the ministry had sought in its initial budget for fiscal 2025."

AUSSIE BONDS: Yields Tick Up, RBA Mins Uncertain On Pace Of Easing

Aussie bond futures sit off earlier highs, but have traded tight ranges overall so far in Tuesday trade. YM was last near 96.60, -.01, while XM was last at 95.67, -.02. Earlier highs in this benchmark were at 95.70. Government bond yields are slightly higher across the curve, with the back end slightly firmer from a yield standpoint. US developments have been in focus, with Trump stating he will remove Fed Governor Cook, driving a steeper US yield curve. For Australia, the 3yr ACGB yield was last around 3.39%, up 1bps, while the 10yr was close to 4.31%, up nearly 3bps.

We had the RBA minutes earlier, where we saw a brief yield pullback but there was no follow through. Given the August decision to cut rates was unanimous, the discussion regarding the outlook was the important part of the RBA meeting minutes. They were clear that further rate cuts were consistent with underlying inflation returning to the 2.5% mid-point of the target band. It was the pace of future easing that “was not yet possible to judge” with the risks around the outlook “in both directions”.
There hasn't been a strong shift in RBA market pricing, with the OIS dated Dec contract still around the 3.23% level, which is where we ended Monday trade.
In the swap space we have been relatively steady as well, with the 3yr last close to 3.25%.
Tomorrow's calendar brings the July CPI print.

BONDS: NZGBS: Front End Yields Lower, Following US Lead, 2yr Swap At Fresh Lows

The initial impetus in NZ government bond yields was higher, but there was no follow through. The 2yr NZGB yield got near 3.04% in the first part of dealing, but we now sit back at 2.98%, off around 3bps. Other parts of the curve are down less in yield terms, but equally have moved off earlier highs. The 10yr was last around 4.36%, off earlier highs near 4.40%. NZ yields look to be largely following US developments, where US President Trump stated he is removing Fed Governor Cook, with immediate effect. This has weighed on front end US Tsy yields, but aided back end yields as the Tsy curve has steepened.

In the swap space, the 2yr rate has made fresh lows, last near 2.74%, off around 5bps for the session so far. These levels were last seen in the first parts of 2022.
Local news flows has been light. Via BBG: "NZ July Residential Mortgage Lending Is Highest Since 2021, Gains 36% y/y, Increases 3% m/m after seasonal adjustment: RBNZ". This may point to better housing market momentum, as we progress through the second half. Market expectations remain for further easing, while the RBNZ noted after its easing last week that the lags involved with monetary policy will continue to aid housing market sentiment.

FOREX: Asia FX Wrap - USD Pares Back Early Losses

The BBDXY has had a range of 1203.76 - 1207.66 in the Asia-Pac session, it is currently trading around 1206, -0.05%. This morning's news that Trump has removed Fed Governor Cook will just add fuel to the rate cut fire, with Trump now in a position to appoint another uber dovish Governor to do his bidding. This saw the USD fall quickly and could further erode confidence in US institutions which would provide further headwinds for the USD. Cook's push back to this firing has seen most of the early losses reversed. A sustained break below 1197/1195 is needed to regain the momentum lower and retest the year's lows.

EUR/USD - Asian range 1.1610 - 1.1660, Asia is currently trading 1.1630. The pair drifted lower overnight as the USD retraced some of its Friday losses. First support back towards 1.1550, a move back below here could signal a deeper pullback as the market tried to find a base from which to build for another extension higher.
GBP/USD - Asian range 1.3448 - 1.3490, Asia is currently dealing around 1.3460. The pair topped out above 1.3500 and has drifted lower. Back in the middle of its recent 1.3350-1.3650 range, the USD’s fate will have a direct impact on which side is tested.
USD/CNH - Asian range 7.1472-7.1593, the USD/CNY fix printed 7.1188, Asia is currently dealing around 7.1550. Sellers should be around on bounces while price holds below the 7.2200/2500 area and the PBOC manages the fix lower. Above 7.2500 and we could see a test of the USD Shorts.
Cross asset : SPX -0.15%, Gold $3378, US 10-Year 4.302%, BBDXY 1206, Crude Oil $64.46
Data/Events : France Consumer Confidence

Fig 1: GBP/USD Spot 2H Chart

Source: MNI - Market News/Bloomberg Finance L.P

JPY: Asia Wrap - USD/JPY Support On 146 Handle Continues To Hold

The Asia-Pac USD/JPY range has been 146.99-147.88, Asia is currently trading around 147.80, +0.01%. The demand towards 146.00 has been pretty solid all of July and August, keeping us for the most part in a 146.00-149.00 range. CFTC data for last week shows leveraged accounts again added to JPY shorts so the initial reaction to Powell would have been unwelcome and they would be breathing a little easier today as the support continues to look solid. This morning this level held once more after again being challenged in our session in reaction to Trump firing Fed Governor Cook.

Japan July Services PPI Weaker Than Forecast But In Line With Lower CPI: Japan's July PPI services print was below market forecasts. We printed 2.9%y/y, versus 3.2% forecast, which was also the June outcome. In m/m terms we rose 0.3%, the firmest gain since April and after a 0.2% decline in June. Broadly this data looks to be evolving as the BoJ expected. Core inflation pressures remain elevated, but the central bank appears to have time on its hands to assess such trends.
"JAPAN FINMIN KATO: IMPORTANT FOR FX TO REFLECT FUNDAMENTALS, MOVE STABLY, ALARMED OVER FX MOVES, INCLUDING THOSE DRIVEN BY SPECULATORS, WILL CLOSELY MONITOR JGB MARKET MOVEMENTS, WILL PURSUE APPROPRIATE DEBT MANAGEMENT” - [RTRS]
"AKAZAWA: AIM TO SEEK CAR TARIFF CUT AND AMEND EXECUTIVE ORDER" - BBG
Options : Close significant option expiries for NY cut, based on DTCC data: 148.00($992m), 146.35($716m).Upcoming Close Strikes : 148.00($893m Aug 27), 146.50($1.14b Aug 29), 145.00($1.7b Aug 29) - BBG.
CFTC data shows last week asset managers have begun to add to their JPY longs after a consistent period of reduction +71379( Last +60866), leveraged funds though again used the dip to add to their newly built short JPY position -50848(Last -41257).

Fig 1 : USD/JPY Spot Daily Chart

Source: MNI - Market News/Bloomberg Finance L.P

AUD: Asia Wrap - AUD/USD Stalls Towards 0.6500

The AUD/USD has had a range of 0.6471 - 0.6494 in the Asia- Pac session, it is currently trading around 0.6475, -0.10%. US equities took a run lower on the news Trump has fired Fed Governor Cook, down close to 0.50% at one point. Risk stabilised from there and a statement from the Governor saying she would not be stepping down and would fight the allegations has seen some of these losses pared back. The AUD finds itself firmly back in the middle of its recent multi-month range of 0.6350-0.6650 and will need a clearer direction from both the USD and risk to embark on a decent move in either direction

RBA Minutes: Too Much Uncertainty To Determine Pace Of Future Easing. Given the August decision to cut rates was unanimous, the discussion regarding the outlook was the important part of the RBA meeting minutes. They were clear that further rate cuts were consistent with underlying inflation returning to the 2.5% mid-point of the target band. It was the pace of future easing that “was not yet possible to judge” with the risks around the outlook “in both directions.
AUSTRALIA: Policy Model Suggests Stable Rates. Our simple RBA policy reaction function is showing that based on the growth and inflation outlook rates should stay around 3.6% through H1 2026 with no further easing as underlying inflation remains above the 2.5% mid-point of the target band. The model includes a one quarter lead of the trimmed mean inflation gap, thus its return to zero in Q4 2027 is not yet factored in the output. As Governor Bullock has said previously, the further out a forecast is the more uncertainty there is around it. It is worth noting that econometric estimates are just a signal and not a prediction.
Options : Closest significant option expiries for NY cut, based on DTCC data: 0.6400(AUD622m), 0.6455(AUD350m), 0.6475(AUD346m). Upcoming Close Strikes : 0.6525(AUD695m Aug 27), 0.6500(AUD680m Aug 29) - BBG
AUD/JPY - Asia-Pac range 95.37 - 95.82, Asia is trading around 95.65. The pair has topped out back towards the 96.00 area this morning helped by the sacking news. This pair’s direction will be determined by the market's ability to follow on with this risk-on move or not.

Fig 1: AUD/USD spot 2H Chart

Source: MNI - Market News/Bloomberg Finance L.P

NZD: Asia Wrap - NZD/USD Trades Heavy

The NZD/USD had a range of 0.5830 - 0.5861 in the Asia-Pac session, going into the London open trading around 0.5835, -0.20%. US equities took a run lower on the news Trump has fired Fed Governor Cook, down close to 0.50% at one point. Risk stabilised from there and a statement from the Governor saying she would not be stepping down and would fight the allegations has seen some of these losses pared back. The NZD ran into some decent selling around 0.5880 and drifted lower in the N/Y session, sellers should continue to be around looking to fade any move back towards 0.5900/0.5950 initially. US Equity Futures have traded heavy in our session, E-minis -0.15%, NQU5 -0.25%.

NZIER Reduces Cash Rate Forecast Due To Disappointing Recovery: The NZIER has released its “Quarterly Predictions” and following the RBNZ’s signalling last week, it is now projecting 25bp rate cuts in October and November bringing rates to 2.5%. It also expects inflation to exceed the 3% top of the RBNZ target band over the coming year due to food prices, which is higher than the central bank forecast but like them it expects it to come down due to excess capacity. The institute had previously expected the cash rate to trough at its current 3%.
Bloomberg - “ANZ Bank Now Forecasts New Zealand Economy Contracted in 2q: ANZ Bank New Zealand now expects the economy contracted in the second quarter, according to an emailed note. Expects GDP fell 0.1% q/q, previously expected a 0.1% expansion”
Options : Closest significant option expiries for NY cut, based on DTCC data: none. Upcoming Close Strikes : 0.6200(NZD355m Aug 27) - BBG
CFTC Data of last week shows Asset Managers slightly reduced their new short position in the NZD -3198(Last -3679), the Leveraged community also reduced their own shorts slightly -4004(Last -4190).
AUD/NZD range for the session has been 1.1049 - 1.1106, currently trading 1.1100. The dovish RBNZ has seen the Cross surge higher breaking back above 1.100 convincingly. This move should now continue to see dips supported as it looks to build momentum to push higher.

Fig 1: NZD/USD Spot Hourly Chart

Source: MNI - Market News/Bloomberg Finance L.P

ASIA STOCKS: China's Onshore Stocks Continue to Shine

A mixed day for stocks across the region with the major onshore bourses in China continuing to rally as most regional peers fell. In China yesterday, turnover reached 3.1 trillion yuan ($433 billion), the second highest ever. The CSI 300 Index is a regional top performer this month. This comes as P/Es start to look stretched, pointing to a disconnect with fundamentals.

Despite the positive trend onshore, the Hang Seng is down today by -0.22% whilst the CSI 300 is up +0.14%, Shanghai up +0.11% and Shenzhen the outperformer up +0.65%.
The TAIEX in Taiwan has done very little today, unable to replicate yesterday's gains of +2.16%.
The KOSPI did manage three successive days of gains yet that ended today with a fall of -0.91% and back below 3,200.
South East Asia's major bourses are mixed with the FTSE Malay KLCI down -0.87%, the Jakarta Comp up +0.13% and the SE Thai down -0.11%.
The NIFTY 50 in India has taken back all of yesterday's gains of +0.39% to be down in the morning session by -0.66%

OIL: Crude Follows Other Risk Assets Lower On Fed Concerns

After rallying on the prospects of Fed easing, oil prices are lower today. They fell following news that US President Trump would remove Fed Governor Lisa Cook effective immediately due to allegations of mortgage fraud. The uncertainty around the threat to central bank independence weighed on most risk assets including crude. WTI is down 0.5% to $64.46/bbl, close to the intraday trough, while Brent is 0.4% lower at $68.50/bbl.

The US Department of Homeland Security issued a notice that India will face a 25% punitive tariff as of Wednesday because it continues to purchase Russian oil. There are concerns that an extension to China and if it is enforced that global supplies will be materially impacted. Ukraine also continues to target Russia’s energy infrastructure.
While oil has rallied on the back of increased Fed easing expectations following Friday’s Chair Powell comments suggesting that risks could warrant shifting policy, excess supply worries persist. There is US industry-based inventory data out later today, which continues to be watched closely.
Later the Fed’s Barkin, BoE Mann and BoC Governor Macklem appear. US preliminary July orders, June house prices, August Richmond Fed, Dallas Fed services, Philly Fed non-manufacturing and consumer confidence print.

Gold Holds Onto Most Of Post-Cook Gains

Gold prices rose to $3386.58/oz following US President Trump announcing the removal of Fed Governor Lisa Cook effective immediately due to allegations of mortgage fraud. She refuses to resign and will continue her duties at the Fed. She also questioned Trump’s authority to fire her. Bullion is off its early high but still up 0.3% to $3377.5 today after falling to $3351.41 before the news. The US dollar index is down 0.1% but up from the day’s lows while the 2-year yield is down slightly.

Gold benefited from safe-haven flows as markets see Trump’s move as interfering with the central bank’s independence as it will allow him to replace Cook with someone more dovish. He has been pushing for significantly lower rates for some time and has criticised Chair Powell heavily for leaving policy unchanged.
Silver is also higher up 0.6% to $38.82, close to the intraday peak. It was down to $38.34 before Trump announced Cook’s removal and it bounced on the news.
Equities are generally weaker with the S&P e-mini down 0.1% and Hang Seng -0.2% but CSI 300 is up 0.1%. Oil prices are lower with WTI -0.5% to $64.46/bbl. Copper is slightly higher.
Later the Fed’s Barkin, BoE Mann and BoC Governor Macklem appear. US preliminary July orders, June house prices, August Richmond Fed, Dallas Fed services, Philly Fed non-manufacturing and consumer confidence print.

UP TODAY (TIMES GMT/LOCAL)

Date	GMT/Local	Impact	Country	Event
26/08/2025	0600/0800	**	SE	PPI
26/08/2025	0645/0845	**	FR	Consumer Sentiment
26/08/2025	-		GB	DMO to hold FQ3 consultations with investors / GEMMs
26/08/2025	1230/0830	**	US	Durable Goods New Orders
26/08/2025	1230/0830	**	US	Philadelphia Fed Nonmanufacturing Index
26/08/2025	1230/0830	**	US	Durable Goods New Orders
26/08/2025	1255/0855	**	US	Redbook Retail Sales Index
26/08/2025	1300/0900	**	US	S&P Case-Shiller Home Price Index
26/08/2025	1300/0900	**	US	FHFA Home Price Index
26/08/2025	1300/0900	**	US	FHFA Home Price Index
26/08/2025	1300/0900	**	US	FHFA Quarterly Price Index
26/08/2025	1300/0900	**	US	FHFA Quarterly Price Index
26/08/2025	1400/1000	***	US	Conference Board Consumer Confidence
26/08/2025	1400/1000	**	US	Richmond Fed Survey
26/08/2025	1400/1500		GB	BOE Mann at Banxico Conference (text release)
26/08/2025	1430/1030	**	US	Dallas Fed Services Survey
26/08/2025	1700/1300	*	US	US Treasury Auction Result for 2 Year Note
26/08/2025	1830/1430		CA	BOC Governor speech in Mexico City
27/08/2025	0130/1130	***	AU	CPI Inflation Monthly
27/08/2025	0130/1130	***	AU	Quarterly construction work done
27/08/2025	0600/1400	**	CN	MNI China Money Market Index (MMI)
27/08/2025	0600/0800	*	DE	GFK Consumer Climate
27/08/2025	0900/1000	**	GB	Gilt Outright Auction Result
27/08/2025	1000/1100	**	GB	CBI Distributive Trades
27/08/2025	1100/0700	**	US	MBA Weekly Applications Index